Sonk: LNG money in account

 By GYNNIE KERO

REVENUES from liquefied natural gas (LNG) sales may not be invested until the beneficiaries are identified, National Petroleum Company PNG (NCPC) managing director Wapu Sonk says.

He said revenues from the PNG LNG project were being kept in an account until the clan vetting process was completed. “I don’t know the details but my guess is that the LNG revenue may not be invested because there is no beneficial owner,” Sonk told The National yesterday

“The beneficiaries are a collective group of people and the clan vetting process will identify and establish who makes up the group or groups of beneficiaries. In the absence of a properly conducted clan vetting process, the best 

place to keep the money is at the Central Bank (Bank of Papua New Guinea).  

“Revenue for NPCP and Mineral Resources Development Company, as equity participants of the project, is kept in country and offshore as well to manage foreign exchange exposure as we do most of our transactions in US dollars.”

Bank of Papua New Guinea Governor Loi Bakani had said earlier that revenues generated from the PNG LNG project were being 

kept at the main government account.

He said the funds would remain in the public account until the Sovereign Wealth Fund became operational next year.

“While the Sovereign Wealth Fund is not yet established, like for any other mineral taxes, they (revenue) come straight to the Waigani public account, which is the 

main government account,” Bakani said.